Post by Shadow on Dec 12, 2005 19:30:39 GMT -5
FT.com
By Kevin Morrison
Published: December 12 2005 11:51 | Last updated: December 12 2005 20:39
The pace of the gold price rally continued to accelerate on Monday, gaining almost $14 to a new near 25-year high of $540.90 a troy ounce, before easing in late European trading as some investors opted to take profits from the near $90 price rise in the past month.
At its peak on Monday, gold was at its highest level since January 1981, and the recent rise is one of the fastest seen in the current six-year gold price rally. Gold was trading at $536.70/$537.50 a troy ounce in late London trade, up from its late quote of $526.50/$527.20.
Japanese private investors are among the most active buyers of the precious metal, with most of the buying done on the Tokyo Commodity Exchange where the gold and all metal futures contract traded on the exchange ended up by their maximum amount allowable.
Tokyo gold futures rose by their maximum daily 50-yen limit for a second day on Monday to an 18-year high. Open interest, which is the amount of futures contracts bought and not sold, in Tocom gold stood at 533,769 contracts as of Monday, compared with just under 350,000 contracts a month earlier.
By Kevin Morrison
Published: December 12 2005 11:51 | Last updated: December 12 2005 20:39
The pace of the gold price rally continued to accelerate on Monday, gaining almost $14 to a new near 25-year high of $540.90 a troy ounce, before easing in late European trading as some investors opted to take profits from the near $90 price rise in the past month.
At its peak on Monday, gold was at its highest level since January 1981, and the recent rise is one of the fastest seen in the current six-year gold price rally. Gold was trading at $536.70/$537.50 a troy ounce in late London trade, up from its late quote of $526.50/$527.20.
Japanese private investors are among the most active buyers of the precious metal, with most of the buying done on the Tokyo Commodity Exchange where the gold and all metal futures contract traded on the exchange ended up by their maximum amount allowable.
Tokyo gold futures rose by their maximum daily 50-yen limit for a second day on Monday to an 18-year high. Open interest, which is the amount of futures contracts bought and not sold, in Tocom gold stood at 533,769 contracts as of Monday, compared with just under 350,000 contracts a month earlier.